世界自由金融：唐纳德·特朗普推动的加密货币项目似乎是一个巨大的失败

尽管如此，该项目于 10 月 16 日启动了代币销售 WLFI，公开计划通过出售 20% 的代币供应量筹集约 3 亿美元

Republican presidential candidate Donald Trump has endorsed a cryptocurrency project, where he is listed as “Chief Crypto Advocate,” by calling it “Huge.” However, two weeks into the project’s token sale, it appears to be a huge flop, with no clear information on what might happen next.

共和党总统候选人唐纳德·特朗普支持了一个加密货币项目，他被列为“首席加密货币倡导者”，称该项目“巨大”。然而，该项目代币销售两周后，似乎遭遇了巨大的失败，目前还没有关于接下来会发生什么的明确信息。

World Liberty Financial (WLF) is meant to be a decentralized finance (DeFi) platform. First appearing in news media in August of this year, the project’s composition and purpose remain largely unknown. The most recent, unconfirmed reports suggest that WLF is working on its own stablecoin.

World Liberty Financial (WLF) 旨在成为一个去中心化金融 (DeFi) 平台。该项目于今年 8 月首次出现在新闻媒体上，但其组成和目的目前仍不得而知。最近未经证实的报道表明，WLF 正在开发自己的稳定币。

Despite this, on October 16th, the project launched its token sale, WLFI, publicly aiming to raise around $300 million by selling 20% of the token supply. If everything went according to plan, the platform – still lacking a clear business model or details on its services – would be valued at $1.5 billion.

尽管如此，该项目于 10 月 16 日启动了代币销售 WLFI，公开计划通过出售 20% 的代币供应量筹集约 3 亿美元。如果一切按计划进行，该平台（仍缺乏明确的商业模式或服务细节）的估值将达到 15 亿美元。

However, two weeks into the sale, less than 5% of the 20 billion tokens available have been sold, raising about $14 million. In theory, some of the tokens may have been sold directly, bypassing the website.

然而，发售两周后，200 亿枚代币中只有不到 5% 已售出，筹集了约 1400 万美元。理论上，一些代币可能绕过网站直接出售。

According to the project’s website, new sales are still ongoing. On October 23rd, WLF claimed that more than 15,000 people owned the token. According to a filing by WLF on October 30, the project currently plans to sell only up to $30 million in tokens before terminating the sale.

据该项目网站称，新的销售仍在进行中。 10 月 23 日，WLF 声称有超过 15,000 人拥有该代币。根据 WLF 10 月 30 日提交的文件，该项目目前计划在终止销售之前仅出售最多 3000 万美元的代币。

Today’s the day! @WorldLibertyFi token sale is live. Get your $WLFI tokens now. Purchase $WLFI here: https://t.co/jg1tOaHHBy pic.twitter.com/j8ewxa13wp

今天就是这一天了！ @WorldLibertyFi 代币销售正在进行中。立即获取您的 $WLFI 代币。在这里购买 $WLFI：https://t.co/jg1tOaHHBy pic.twitter.com/j8ewxa13wp

Industry observers have pointed out multiple reasons why the sale hasn’t gained traction. For example, Kain Warwick, founder of Infinex, a DeFi project that recently raised $67 million by selling its NFT (non-fungible token) collection, noted in a recent livestream on X that crypto investors today are more focused on meme coins rather than token sales.

行业观察家指出了此次出售未能获得关注的多种原因。例如，Infinex 的创始人 Kain Warwick 是一个 DeFi 项目，最近通过出售其 NFT（不可替代代币）系列筹集了 6700 万美元，他在最近的 X 直播中指出，如今的加密货币投资者更关注 meme 币而不是代币销售量。

According to Warwick, if this sale had taken place during the 2017 initial coin offering (ICO) craze, WLF would have likely raised a billion. Indeed, during that time, some crypto projects raised billions even before launching and proving their investment potential.

Warwick 表示，如果此次出售发生在 2017 年首次代币发行 (ICO) 热潮期间，WLF 可能会筹集 10 亿美元。事实上，在那段时间里，一些加密货币项目甚至在启动并证明其投资潜力之前就筹集了数十亿美元。

However, analysts cite the project’s tokenomics and numerous unknowns as additional reasons for the token launch's failure.

然而，分析师指出该项目的代币经济学和众多未知因素是代币发行失败的额外原因。

The world of unknowns

未知的世界

Firstly, it remains unclear what a token buyer gains from holding the WLFI token. According to the project’s Terms and Conditions, the sole utility of holding $WLFI is governance – token holders "have the power to propose and vote on proposals that will shape the future of the World Liberty Financial Protocol."

首先，目前尚不清楚代币买家持有 WLFI 代币能获得什么收益。根据该项目的条款和条件，持有 $WLFI 的唯一用途是治理——代币持有者“有权提出提案并对其进行投票，这些提案将塑造世界自由金融协议的未来。”

However, token holders receive no economic or other rights, such as fees generated by the WLF Protocol or company earnings. Furthermore, the tokens are non-transferable, cannot be used for payments, and are locked indefinitely in a wallet or smart contract. Also, most likely for legal reasons, WLF warns buyers not to expect any increase in token value “as a result of any future functionality or the success” of the WLF Protocol.

然而，代币持有者不会获得经济或其他权利，例如 WLF 协议产生的费用或公司收入。此外，代币不可转让，不能用于支付，并且无限期锁定在钱包或智能合约中。此外，很可能是出于法律原因，WLF 警告买家不要期望“由于 WLF 协议的任何未来功能或成功”而导致代币价值增加。

In other words, at present, holders have virtually no utility with the token, and the project has not indicated when this might change, if at all.

换句话说，目前持有者实际上对代币没有任何效用，并且该项目尚未表明这种情况何时可能改变（如果有的话）。

“Perhaps it’s not surprising that WLFI tokens haven’t been flying off the shelf, as the financial incentives for holding the WLFI token are not entirely clear,” a user commented in the WLF governance forum.

“也许 WLFI 代币没有被抢购一空并不奇怪，因为持有 WLFI 代币的经济激励并不完全明确，”一位用户在 WLF 治理论坛上评论道。

On the same forum, however, some argue that making the token non-transferable is “just legal protection” and that “a simple vote makes the tokens tradeable, which could happen right after governance goes live,” adding that “it would be quite dumb for insiders if they could never cash out.”

然而，在同一个论坛上，一些人认为，使代币不可转让“只是法律保护”，并且“简单的投票使代币可以交易，这可能会在治理上线后立即发生”，并补充说“这将是相当大的”如果内部人士永远无法兑现，那他们就太愚蠢了。”

Meanwhile, other red flags have included DT Marks DEFI LLC, a Trump family-affiliated entity, securing rights to receive 75% of net protocol revenues and approximately $338 million in WLFI tokens.

与此同时，其他危险信号包括特朗普家族附属实体 DT Marks DEFI LLC，该实体获得了获得 75% 净协议收入和约 3.38 亿美元 WLFI 代币的权利。

Additionally, Axiom Management Group, a Puerto Rican LLC owned by Chase Herro and Zachary Folkman, has the right to receive 25% of the net protocol revenue, although WLF claims the group has agreed to allocate half of this sum to WC Digital Fi LLC, affiliated with Steve Witkoff and certain family members.

此外，Axiom Management Group（一家由 Chase Herro 和 Zachary Folkman 拥有的波多黎各有限责任公司）有权获得协议净收入的 25%，尽管 WLF 声称该集团已同意将这笔款项的一半分配给 WC Digital Fi LLC，与 Steve Witkoff 和某些家庭成员有关联。

Witkoff is known as an American real estate investor, landlord, and founder of the Witkoff Group, while Folkman and Herro reportedly face various lawsuits, and their other DeFi project, Dough Finance, lost around $2 million to a hack this past summer.

Witkoff 是一位美国房地产投资者、房东和 Witkoff 集团的创始人，而据报道，Folkman 和 Herro 面临各种诉讼，他们的另一个 DeFi 项目 Dough Finance 在去年夏天的一次黑客攻击中损失了约 200 万美元。

Moreover, previous reports in crypto media have suggested that the WLF protocol is largely based on Dough Finance’s code.

此外，之前加密媒体的报道表明，WLF 协议很大程度上基于 Dough Finance 的代码。

Descriptive titles

描述性标题

The Trump family

特朗普家族